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Texas divorce lawyerMany couples choose to avoid entering into prenuptial agreements because they think it represents a lack of faith in the couple’s future. This failure to create a premarital agreement can have serious consequences if the marriage later dissolves. Fortunately, even after a couple is married, the parties can still enter into an agreement, in which they decide how certain assets will be divided in the event of a divorce. This type of document is known as a postmarital agreement and is an important tool for couples who have diverse or significant assets. However, there are certain requirements that must be met for postmarital agreements to be considered valid, so if you are thinking about drafting your own postmarital agreement, it is critical to retain and consult with an experienced high asset divorce attorney.

The Benefits of Postmarital Agreements

Drafting a postmarital agreement gives the parties involved the opportunity to assess their separate and marital property, including unique assets like antiques and jewelry, as well as debt, expenses, and spending habits. These agreements, like premarital agreements, allow the parties to not only identify assets but also to convert those assets from marital property to separate property or vice versa. Couples are also permitted to address the following topics:

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Posted on in Spousal Support

Texas divorce lawyerLate last year, Congress passed the Tax Cuts and Jobs Act, which made significant changes to the deductibility of alimony payments. The recent amendments could have a serious impact on Texas couples who finalize their divorces next year, so if you are considering filing for divorce, it is critical to contact an experienced high asset divorce attorney who can explain the legal ramifications that the new law could have on your own divorce.

Alimony Basics

Except in specific circumstances, the amount of alimony that a former spouse can receive in Texas is capped at:

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Texas divorce lawyerThe financial issues that couples must tackle during divorce are some of the most complicated problems that come with dissolving a marriage, especially for couples with significant or diverse assets. In these situations, consulting with a forensic accountant who can help identify concealed assets or appraise unique assets is crucial, so if you and your spouse have filed for divorce and have varied assets, you should consider speaking with an experienced high asset divorce attorney who can help connect you to a well-respected and efficient forensic accountant.

What Is Forensic Accounting?

There are four main financial components to most divorces: assets, income, debts, and expenses. Forensic accountants can help with each of these areas by collecting and analyzing financial documents and then communicating the findings to the clients or the court. This involves completing a wide range of smaller asks, including:

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Texas divorce lawyerMany couples who get divorced are able to agree on who will retain what property. However, the more unusual assets and collectibles a couple has, the harder it becomes to appraise them and determine who should retain ownership, especially when an item has an extremely high value or has a special meaning to one of the spouses. While this could include jewelry, as well as antiques, more and more families are investing in artwork, which means that in most cases, if the couple divorces, the property will need to be divided equitably.

Appraisals and proof of purchase are critical to the outcome of these types of conflict, as courts consider property obtained prior to a marriage to be the sole property of the original owner. Even when a piece of art was purchased after divorce, one party could have a strong claim to it if it was given as a gift or was part of an inheritance. Because dividing unusual assets, such as artwork, is so difficult, retaining an experienced high asset divorce attorney is critical to ensuring that all of a couple’s property is fairly and promptly divided upon divorce.

Preparatory Steps

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Texa high asset divorce attorneyHaving a professional practice can make the divorce process much more difficult, as the parties are usually required to value and divide not only personal property but also professional assets and business interests. These types of challenges are best handled by an experienced high asset divorce attorney, so if you have decided to file for divorce and either you or your spouse has a professional practice, please contact our legal team for an initial evaluation of your case.

Dividing Marital Property

Under Texas law, couples who dissolve their marriages must divide all marital assets equitably. This applies to the contents of bank accounts, retirement funds, stocks, real estate, personal belongings, and even business interests. In fact, even when a spouse doesn’t have a specific interest in a business, as is usually the case when one spouse runs a professional practice, he or she could still have a claim to a portion of the business’s value, although not to the practice itself.

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Texas family lawyerAlthough spousal support is usually described merely as alimony, there are actually three types of spousal support recognized under Texas law. Each type comes with its own set of conditions and requirements, which determines who is eligible to receive support and for how long they can continue receiving it. If you are going through a divorce and have concerns about your financial future, you should consider consulting with an experienced high asset divorce lawyer who can help you determine whether you qualify for spousal support.

Temporary Spousal Support

Temporary spousal support is usually granted by the court when one party is unable to financially support him or herself while the divorce is still pending. Temporary alimony payments can be made every month or in a lump-sum payment. Which type of payment, how much the recipient is eligible to collect, and for how long he or she can continue receiving payments depends on a number of factors, including each party’s ability to support him or herself, each spouse’s employment skills, and both party’s earning ability.

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Texas family lawyerMost people don’t enter into marriage with the expectation that they will later get divorced. Similarly, couples who start businesses together usually do not anticipate running into any obstacles regarding ownership and control. The reality, however, is that many couples who are also business owners will face complicated issues in the event of a divorce, so if you and your spouse are contemplating divorce and you both share an interest in a family business, we strongly encourage you to speak with an experienced high asset divorce attorney who can explain your legal options.

Retaining Co-ownership

Once a couple who owns a family business decides to get a divorce, they must start addressing the future of the company. For some couples, retaining co-ownership is a good option, especially for those who are deeply committed to their enterprise. However, it can be difficult to maintain a close working relationship with an ex-spouse, although many business owners are able to do so through careful scheduling and focusing only on the business aspects of their relationship.

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Posted on in Complex Divorce

Texas family lawyerWhen a divorce is finalized, the court sets the terms of child support, spousal maintenance, and visitation. Although these terms are generally deemed final, there are situations where courts are willing to modify a divorce decree. If you believe that your child custody arrangement or support agreement should be modified, it is important to contact a high asset divorce lawyer who can help you modify your divorce decree.

Mutual Agreement

One of the easiest ways to modify an order related to child custody, child support, or alimony is by mutual agreement. In these cases, both parties file a petition with the court that contains the agreed upon changes. As long as those changes are in the best interests of the couple’s children and the judge approves them, the previous divorce decree can be altered, usually without any hearings or trials.

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